Samsung Electronics Co Ltd heir Jay Y. Lee faces sentencing for BRIBERY charges after four years of trials
A South Korean court will sentence Samsung Electronics Co Ltd heir Jay Y. Lee on a bribery charge on Monday, a ruling likely to have ramifications for his leadership of the tech giant as well as South Korea`s views toward big business
A South Korean court will sentence Samsung Electronics Co Ltd heir Jay Y. Lee on a bribery charge on Monday, a ruling likely to have ramifications for his leadership of the tech giant as well as South Korea`s views toward big business.
If Lee is jailed, he will be sidelined from major decision making at Samsung Electronics as it strives to overtake competitors, and will be diverted from overseeing the process of inheritance from his father, who died in October, crucial to keeping control of Samsung.
See Zee Business Live TV Streaming Below:
If Lee remains free, he will be able to devote himself to both while likely facing strong backlash claiming the South Korean legal process shows undue leniency to chaebol, or family-run conglomerates, criticised for wielding too much power amid lapses in governance.
Lee, 52, was convicted of bribing an associate of former President Park Geun-hye and jailed for five years in 2017. He denied wrongdoing, the sentence was reduced and suspended on appeal, and he was released after serving a year.
The Supreme Court then sent the case back to the Seoul High Court, which will rule on it, and the sentencing, on Monday.
Under South Korean law, a jail term of three years or less can be suspended; for longer sentences, the person must serve out the term barring a presidential pardon.
Prosecutors have called for a nine-year jail term.
If imprisoned, the year Lee already served in detention will count toward the sentence, as it is the same case.
Monday`s sentencing can be appealed to the Supreme Court.
"In a case sent back by the Supreme Court, there is a narrower range of options for the judges` bench... but it`s also true that the Supreme Court can`t really touch the final court`s sentencing no matter what it is," said Rha Seung-chul, a lawyer not connected with the case.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
Fundamental picks by brokerage: These 3 largecap, 2 midcap stocks can give up to 28% return - Check targets
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
Top 7 Mutual Funds With Highest Returns in 10 Years: Rs 10 lakh investment in No 1 scheme has turned into Rs 79,46,160 in 10 years
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
08:29 AM IST